The
Astro Japan Property Group
has sold its interests in two office properties, Kokusai Nihombashi and Prime Tsukiji, at discounts to the purchase prices and repaid more than $55.5 million of debt. Security holders voted to consolidate stapled securities in November. Net property income fell 6.4 per cent to $40.8 million, largely due to a decline in rental levels, particularly in office assets. The group expects valuations to stabilise, with a significant easing of pressure on income. Michael Hobbs